As part of its global exploration for tapping pharmaceutical markets, India is now planning to promote the “Pharma Brand India” in the forthcoming CPhI-Japan which is to be held in Tokyo from 21 to 22 March, 2012.
As India has seen intense global competition in the recent past, the Union commerce ministry has decided to promote the Indian Pharmaceutical Brand and sustain the growth by enhancing its global image. For this initiative, India has chosen CPhI Japan as an apt platform to promote its Pharma Brand.
So far Indian pharma industry has already proved its powers especially in USA and EU markets as a strong contender, but it has not made any major successful ventures into the Japanese markets, because of lack of awareness, wrong perception about Indian standards among the Japan manufacturers and due to deficit of promotional activities about India’s pharma success. It is this concern that has awoke India and realize that it is high time for it to maintain its quality standards and live up to the challenges of increasing market share in existing and new markets and to counter the negative publicity in some countries by vested interests.
When asked about the prospects of Indian companies entering the Japanese markets, Satish Reddy, MD, Dr Reddy’s Labs, said, “So far it has been a tough time for the Indian pharmaceutical companies to enter into the Japanese markets because of stringent regulations. At the same time we cannot overlook it as Japanese markets have the widest potentials if tapped rightly.”
Today Japan is regarded as the second largest pharmaceutical market in the world. It is predicted to be worth US$ 87 billion by the end of year 2014. The government of Japan is encouraging generics to account for a 30 per cent market share by 2012. Recently Dr Reddy’s lab has entered into a business deal with Fuji Company a Japanese film making firm, but not many Indian companies have ventured in to the Japanese markets.
Recent Comprehensive Economic Partnership Agreement (CEPA) between India and Japan is also expected provide an excellent opportunity for Indian pharmaceuticals manufacturers and exporters to explore opportunities in Japanese market as it would catalyse bilateral trade between India and Japan to touch $25 billion by 2014.
In this regard, the Department of Commerce, Government of India has advised the export promotion council of India, to take up a Brand Pharma India Campaign. IBEF (Indian Brand Equity Foundation) is assisting Pharmexcil in this endeavour.
“The key objectives of the Brand Pharma India campaign at CPhI Japan would be to create awareness about Indian Pharma success story and tell the Japanese manufacturers and clients that Indian generics are bonafide medicines of standard quality and not counterfeits as perceived by them,” said Dr Appaji, executive director of Pharmexcil.
CPhI Japan had attracted 26,436 attendees from 86 countries, including 1,433 international visitors in its last edition.